DHT Holdings said it locked up one of its tankers into a three-year deal as the shipowner saw its first-quarter earnings return to the black.
The New York-listed VLCC specialist said it signed a charter deal that will see its 300,000-dwt DHT Puma (built 2016) earn a base rate of $33,500 per day, in addition to a profit share that sees the tanker owner rake in all earnings up to $40,000 per day.
Over the three-year term, the charter is worth at least $36.7m, a figure that could rise if the charterer exercises an option to extend for a year at a higher base rate. The deal was struck in February.
The charterer was not disclosed, but Tankers International data shows the DHT Puma is now operated by Mercuria, a Swiss-headquartered trading house.
Meanwhile, Oslo-headquartered DHT reported a net profit of $38m during the first quarter, which is below its fourth-quarter earnings but far better than the $17.3m loss a year earlier.
The company logged revenue of $132m, up from $76.4m in the first quarter of 2022.
Earnings per share of $0.23 were two pennies shy of average analyst estimates, according to Stifel.
Average time charter equivalent earnings per vessel came in at $49,100 per day in the first quarter, with tankers in the spot market earning $54,600 per day while VLCCs on period deals brought in $35,000 per day, according to data from DHT.
The DHT Puma charter means the shipowner now has seven of its ships on period charters, with the remaining 16 floating on the spot market.
| Q1 2023 | Q1 2022 | |
| Shipping revenue | $132m | $76.4m |
| Adjusted net revenue | $93.9m | $38.7m |
| Adjusted Ebitda | $71.9m | $14.4m |
| Profit after tax | $38m | -$17.3m |
| Diluted earnings per share | $0.23 | -$0.10 |
| Dividend | $0.23 | $0.02 |
| Interest bearing debt | $396m | $521m |
| Cash and cash equivalents | $118m | $58.6m |
| Net debt | $278m | $462m |
